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Requisition and Solicitation

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Submitted By Jgraf
Words 1528
Pages 7
Requisition and Solicitation
TS5333- Project Bdgt Procur & Quality
November 22, 2015
Contents
Introduction 2
Request for quotation 2
Request for Proposal 3
Request for Information 4
Invitation to Bid 5
What is Best for this Project 6
References 7

Introduction
Procurement documents make up the package you send out to potential sellers. This package can be called a bid, tender, or quotation when the primary deciding factor is price. When the buyer is looking for a technical solution and is weighing factors other than price, you might hear the term proposal. (Phillips, 2010)
Procurement planning is the process of identifying which project needs can be best met by procuring products or services outside the project organization. It involves consideration of whether to procure, how to procure, what to procure, how much to procure, and when to procure it. When the project obtains products and services from outside the performing organization, the processes from solicitation planning. (Project Management Institute)
Request for quotation
A request for quotation (RFQ) is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ generally means the same thing as IFB (Invitation for Bid). An RFQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length are possible to be requested during the bidding process. (Rosemann, 2010)
To receive correct quotes, RFQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out an RFQ is that the specifications could be used as legal binding

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